Using the phrase “unacceptable risk of flight,” prosecutors from the United States government are requesting that the court restrict Changpeng “CZ” Zhao, the former CEO of Binance, from leaving the country.

Zhao, the individual responsible for establishing Binance, the largest cryptocurrency exchange globally, and his lawyers submitted a formal document yesterday contesting the government’s request to prohibit his return to the United Arab Emirates (UAE) while he awaits judgment.

The proposed order put forth by US prosecutors highlights Zhao’s affiliations and privileged position inside the UAE. They presented evidence of Zhao’s substantial financial holdings, his close connections to the United Arab Emirates, and the government’s lack of capacity to facilitate his extradition.

US Prosecutors Say No To Former Binance CEO’s Travel Request

Source: PACER

Due to the absence of an extradition treaty between the UAE and the US, the latter would encounter difficulties in ensuring the repatriation of the individual in question, prosecutors said.

Zhao entered a guilty plea to one count of failing to keep up a successful anti-money laundering program earlier this week. Zhao, Binance, and a number of US agencies consented to pay $4.3 billion in fines and penalties as part of a global agreement that included the plea.

US Government Fights To Keep Former Binance CEO Changpeng Zhao On American Soil https://t.co/xxiOU8p25O

— Benzinga (@Benzinga) November 23, 2023

The prosecutors presented additional arguments, asserting that if Zhao opts not to confront the complete repercussions of his actions, he could potentially forfeit over $20 million (including compensation to his guarantors) and lead a comfortable life in the UAE for the remainder of his days.

Binance Founder’s Lawyers Push Back

The legal team for Zhao has fiercely disagreed with the DOJ’s re

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Author: Christian Encila

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